Hanmi Pharm Co’s shares surged 30% on Monday after the South Korean biotech company secured a global licensing agreement with Genentech for its experimental obesity treatment HM17321, excluding South Korea.
The deal includes an upfront payment of $190 million and potential milestone payments and royalties totaling up to $2.3 billion. Shares of Hanmi Pharm rose 29.96%, adding 124,500 Korean won to close at 540,000 won.
HM17321, an analog of urocortin-2, targets obesity through a non-incretin mechanism, aiming to reduce body weight while preserving lean muscle mass. Pre-clinical studies demonstrated its efficacy both as a standalone therapy and in combination with GLP-1-based treatments.
Genentech, a unit of Roche, has secured worldwide rights to develop, manufacture, and commercialize the drug outside South Korea. The agreement underscores growing pharmaceutical interest in obesity treatments amid rising global demand for weight-loss therapies.
